The FASB dc - of deficiency in financial reporting that...

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The FASB is an organization that provides standardized guidelines for financial information. Their mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. To achieve this, FASB has five goals. The first goal is to improve the usefulness of financial reporting by focusing on the primary characteristics of relevance and reliability, and on the qualities of comparability and consistency. The second goal is to keep standards current to reflect changes in methods of doing business and in the economy. The third is considering promptly any significant areas
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Unformatted text preview: of deficiency in financial reporting that might be improved through standard setting. The fourth goal is to promote international convergence of accounting standards concurrent with improving the quality of financial reporting. And the fifth goal is to improve common understanding of the nature and purposes of information in financial reports. With that being said, the FASB's mission is important because they set the accounting standards for many different companies. That way, every company is doing their financial accounting the same way. It would be confusing if every company came up with their own accounting methods, which only they understood....
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